3 24 Cost of Goods Sold Entries 5 a. (1) Finished goods inventory 445,000 Correct Incorrect Incorrect Incorrect (2) b. No posting to a T-account is required. Calculate the ending balance of Finished goods inventory and enter the amount below. (Enter the dollar amount without any debit or credit notation.) Ending Finished goods inventory balance = Incorrect 26. Manufacturing Overhead Allocation Base and Calculating the Cost of Jobs. Brenner Company 50,000 direct labor hours at a cost of $600,000 and 80,000 machine hours. a. Prepare a predetermined overhead rate based on direct labor hours, direct labor cost, and machine b. Why might Brenner Company prefer to use machine hours to allocate manufacturing overhead? expects to incur $3,000,000 in manufacturing overhead costs this year, During the year, it expects to use c. Using each of the predetermined overhead rates calculated in part a and the data that follows force 24 Cost of Goods Sold Journal Entries. The balance in Preston Company's finished goods inventory $445,000, and cost of goods sold totaled $470,000 account was $650,000 at the beginning of March. Cost of goods manufactured for the month totaled Required: a. Prepare separate journal entries to record the following items. (Hint: Use Figure 27 as a guide) 1. Cost of goods manufactured for the month 2. Cost of goods sold for the month b. Prepare a T-account for finished goods inventory and include the beginning balance for March. Post the appropriate items from the journal entries in part b to this account, and calculate the ending balance in finished goods inventory 25. Income Statement (with cost of goods sold adjustment). Yamamoto, Inc., had the following activity for the year ended December 31. Sales revenue $3,050,000 $ 575,000 Selling expenses General and administrative expenses $ 330,000 Cost of goods sold (before adjustment) $ 700,000 $ 23,000 Underapplied overhead Required: Prepare an income statement for year ended December 31. Required: hours. , determine the cost of job 128